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The Ethiopian Central Bank issued a directive calling on all
operators of cryptocurrency in the country, to register with the
Network Security Administration (INSA). INSA is the national
This move by the Central Bank, has been viewed as an indication
that the Ethiopian government is ready to partake and develop the
cryptocurrency industry and protect its citizens from
crypto-related crimes. The Bank, had previously issued a statement,
terming crypto business in the country as illegal.
Ethiopia is only the second African country, after Central
African Republic, to take steps towards formally accepting
cryptocurrency. This is mainly because cryptocurrency still
presents numerous regulatory challenges.
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